Skip to main content

Report: Facebook revenue doubled to $1.6 billion this year, so far

money-facebook
Image used with permission by copyright holder

Facebook is making an absurd amount of money. In the first half of this year, the social network has reportedly earned nearly $500 million on $1.6 billion in revenue, according to Reuters. That allegedly equates to more than double what the company made during the same period last year.

The information comes via an anonymous source, who asked to remain nameless because the Facebook, a privately held company, does not disclose its financial data.

Financial data given to potential investors from Goldman Sachs show that Facebook earned $355 million in net income during the first nine months of 2010, with a total of $1.2 billion in revenue.

Current valuations for Facebook currently hold around $80 billion in private markets. The company is expected to go public sometime next year.

While doubling your revenue year-over-year is no small feat, some say these alleged numbers fall short of earlier financial predictions for the company, which could mean growth is slowing for the giant of Palo Alto.

As Business Insider reports, a source in April said that Facebook could earn up to $4 billion in revenue by the end of this year, and make $2 billion in earnings. If the leaked earnings data are correct, that would put Facebook substantially behind the needed pace to reach those numbers.

Still, it’s clear that Facebook, which recently surpassed 750 million users worldwide, is doing just fine. And these new numbers are entirely unconfirmed by the company, so wise investors will surely take the news with a few grains of a select flavor enhancer.

So, how did Facebook, a free service, earn such an a staggering amount of loot? Why, advertising, of course!

As Venture Beat points out, the presumed surge in revenue may be attributed to an increased amount of business from daily deals giants, Groupon and LivingSocial, which have reportedly spent truckloads of dollars on Facebook ads.

Unfortunately, we won’t likely know the truth of Facebook’s bank account until the company does, finally, go public, which will force them to disclose their financial records with the Securities and Exchange Commission. Luckily, we’ll be able to just hang out on Facebook more while we wait for that to happen.

Topics
Andrew Couts
Former Digital Trends Contributor
Features Editor for Digital Trends, Andrew Couts covers a wide swath of consumer technology topics, with particular focus on…
X (formerly Twitter) returns after global outage
A white X on a black background, which could be Twitter's new logo.

X, formerly known as Twitter, went down for about 90 minutes for users worldwide early on Thursday ET.

Anyone opening the social media app across all platforms was met with a blank timeline. On desktop, users saw a message that simply read, "Welcome to X," while on mobile the app showed suggestions for accounts to follow.

Read more
How to create multiple profiles on a Facebook account
A series of social media app icons on a colorful smartphone screen.

Facebook (and, by extension, Meta) are particular in the way that they allow users to create accounts and interact with their platform. Being the opposite of the typical anonymous service, Facebook sticks to the rule of one account per one person. However, Facebook allows its users to create multiple profiles that are all linked to one main Facebook account.

In much the same way as Japanese philosophy tells us we have three faces — one to show the world, one to show family, and one to show no one but ourselves — these profiles allow us to put a different 'face' out to different aspects or hobbies. One profile can keep tabs on your friends, while another goes hardcore into networking and selling tech on Facebook Marketplace.

Read more
How to set your Facebook Feed to show most recent posts
A smartphone with the Facebook app icon on it all on a white marble background.

Facebook's Feed is designed to recommend content you'd most likely want to see, and it's based on your Facebook activity, your connections, and the level of engagement a given post receives.

But sometimes you just want to see the latest Facebook posts. If that's you, it's important to know that you're not just stuck with Facebook's Feed algorithm. Sorting your Facebook Feed to show the most recent posts is a simple process:

Read more